Free Bet Conversion Calculator (Bonus Bet Calc)

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How to Use This Free Bet Calculator

To use this free bet calculator:

  1. Select your odds format (American, decimal, fractional, etc.)
  2. Enter your free bet amount (amount of the free bonus bet).
  3. Enter the odds you're betting with your free bet.
  4. Enter the hedge odds you're betting (the odds for the other side of your free bet's odds on another sportsbook).

After entering valid data into the inputs above, your "Hedge Bet Amount", "Profit", and "% Profit" will automatically be output.

Example Usage

For this example, imagine you have a $10 free bet/bonus bet on FanDuel. You use this bet by betting on the Los Angeles Lakers to beat the New York Knicks at +350 odds. On DraftKings, you can hedge this bet by betting the Knicks to win at -325 odds.

Enter the following data into our free bet calculator:

  • Select "American" as your odds format because the odds discussed are in the American odds format.
  • Enter 10 as your "Free Bonus Bet Amount".
  • Enter +350 as your "Free Bonus Bet Odds".
  • Enter -325 as your "Hedge Bet Odds".

The calculator will show that you should bet $26.76 on the Knicks at -325 to guarantee $8.24 of profit.

What is a Free Bet/Bonus Bet?

A "free bet" or "bonus bet" is a bet given by sportsbooks to their users as a reward or promotion. For example, a sportsbook may give you a $50 bonus bet if you sign up and make a deposit. You can't withdraw the value of a bonus bet, and the value of a bonus bet is not included in a winning bet's payout, so its only value is in potential winnings you make using it. If you win using a $50 bonus bet at +100 odds, you'll receive $50 as your payout.

As discussed in the earlier example above, you can "convert" (at least a portion of) a bonus bet to cash by hedging your bonus bet on another sportsbook. The best way to implement this strategy is to find odds across two sportsbooks that have higher positive odds than negative odds on a 2-way outcome. You should then bet the positive odds with your bonus bet. In our example, the Lakers had +350 odds on FanDuel compared to the Knicks at -325 on DraftKings. This example guaranteed $8.24 of the $10 bonus bet (82.4% profit).